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A shoplot currently rented by popular nasi lemak restaurant Village Park is reportedly up for auction with a RM5.3 million reserve price
In a Facebook post by KL Selangor Lelong Properties yesterday, 23 August, it said the 3.5-storey landmark on Jalan SS 21/37, Damansara Utama, Petaling Jaya, is a freehold commercial unit measuring 1,650 sq ft.
The auction will take place on 1 October.
Speaking to SAYS, real estate agent Chris Yap, who has 21 years of experience handling property auctions, said the auction was initiated by a bank following a court order to sell the property.
"The only reason this happens is that the owner defaulted on loan repayment," said Yap.
When asked how the RM5.3 million reserve price was determined, he said the bank, in accordance with the law, must first determine the property's market value. The valuation is then submitted to the High Court when applying for the auction.
A property auction, or lelong, in Malaysia is a public sale where a foreclosed property, usually due to a loan default, is sold to the highest bidder
According to iProperty, anyone aged 18 and above may bid, provided they can pay the 5% to 10% deposit before the auction begins.
The process can be handled by banks, the High Court, or Land Offices through physical or online bidding, including via the e-Lelong system.
Yap claimed that the title to the Damansara Utama shoplot is currently still registered under a deceased couple.
"The transfer is yet to be done to two perwaris (heirs), who appear to be two siblings," he said.
